Stellar is the name of the project and Lumens is the name of the cryptocurrency.

There is a frequently pronounced error, I will continue to mention it: Lumen is not the fork of XRP. New friends on the market will soon understand why I say this.

Stellar; It is a decentralized blockchain project that allows users to send money instantly and at very low cost anywhere in the world.

The team's goal is to create a platform that connects banks, payment systems, and people; ensuring that money is transferred quickly, reliably, and at almost zero cost.

Stellar itself; describes it as a "non-profit organization that provides low-cost financial services to maximize the potential of individuals and use their technologies to combat poverty in the long run."

Stellar states that it is possible for individuals, institutions and the banking system to work together in the blockchain ecosystem. It is emphasized that it is necessary to collaborate with banks instead of competing with banks.

The concept behind the project is to make it one of the main payment networks in the world.

There are several challenges the project is trying to solve, not only in the blockchain but also in the normal banking industry:

I would like to talk a little bit about these.

Many countries charge extremely high fees for banking transactions, resulting in most people avoiding banks. The situation is even worse when transactions are carried out between countries. Blockchain has succeeded in part to turn this into people's favor. In some cryptocurrencies like Bitcoin and Ethereum, transaction fees are still expensive, but we can say that Stellar is much more advantageous in this sense.

There are transactions in Stellar that take 3-5 seconds instead of money transfers between countries that take hours or even days through banks or other authorized institutions.

Stellar is the representative of the “transfer” application in banking in the crypto money ecosystem. There is a very interesting process here. You can send fiat money or crypto money and have them reach the other party as fiat or crypto.

For example, you can send Ethereum and pass it to the other side in the euro, or you can purchase the dollar you send in Bitcoin. This is a really useful and great system.

Stellar also has effective solutions in terms of security. The most important of these is the following:

Users have the freedom to freeze their coins when they observe an abnormal situation in their accounts and also have the right to choose the nodes they can use to verify their transactions. This is a precaution not seen in the crypto ecosystem.

Stellar also allows companies to spend less money on micropayments. These companies can offer additional revenue plans to their customers by reducing the cost of microtransactions. Deloitte, one of the largest financial consultancy companies in the world, succeeded thanks to this model. Within 4 weeks of joining Stellar, Deloitte reduced transaction costs by 40%. Moreover, the transactions were carried out in 5 seconds.

The name at the beginning of Stellar is Jed McCaleb. He's a computer programmer. He's quite important. He showed McCaleb as one of the 10 names leading the Blockchain revolution in the New York Times 2018.

Jed founded eDonkey2000, one of the largest file-sharing networks of the time. Then Mt. Gox and then Ripple.

In 014, Mt. Gox stock market was hacked and 850 thousand Bitcoin was stolen. This was one of the disasters that depressed the crypto money ecosystem because 70% of the BTC volume at that time was on this exchange.

Jed later left Ripple to set up Stellar and stated that he saw Stellar as a top model of Ripple.

After leaving the Jed Ripple project, he signed an agreement with the company, and accordingly, monthly and annual sales restrictions were introduced. Jed continues to sell millions of dollars worth of XRP. It is currently estimated that it has approximately 8 billion XRPs. This is quite problematic in terms of the price of XRP.

Not only McCaleb, but Ripple also sells 1 billion XRPs every month.

Stellar in a nutshell; It is a platform created for banks, payment systems, and people to send money faster and at the lowest possible cost. We can say that Stellar realized a revolution compared to the times and expenses in the classical system.